Wema Bank promotes home ownership for youths

“Wema Bank promotes home ownership for youths. It has reiterated its commitment to give the millennials (the youths) the opportunity to save and have their own homes, own cars or go on vacation.”- The Nation

The ALAT is Wema’s Digital Bank, the first fully digital bank in the country. Through the product, the lender hopes millennials will be encouraged to save more towards projects they would love to undertake.

As the government strives to improve housing in the country, Wema Bank is encouraging Nigerians to exploit the opportunity it presents to start saving for their homes.

“Even if you would access mortgage loan, you still need to save towards a down payment,” explains Funmilayo Falola who manages Wema Bank’s branding and marketing communications. “With your ALAT savings goal, you can save at your own convenience towards this.”

“ Save for your next home and Wema Bank will furnish it. All you need to do is open an ALAT account by downloading the ALAT app from your Google Play Store or iOS App Store. Then, create a Savings Goal and make the title My Dream Home”.

“You can determine how often you save but saving is automated once you make your choice. But make sure you have figured out where and how you want to live, how much home you can afford (considering your current income, expenses and future goals),” the bank explained.

“If you are taking a mortgage loan, you’d also consider the down payment, which may be up to 30 percent of the total value of the home being purchased. There are other associated costs, including furnishing, which Wema Bank has offered to pay for,” it said.

The need to boost housing availability follows Nigeria’s rising housing deficit, estimated to be about 17 million units. “While the government has often assured citizens of its commitment to providing affordable housing, and reducing the deficit, the minister in charge of Housing Babatunde Fashola said in November 2016 that the size of government resources and its ambition will determine the success of its housing plans,” it added.